White: Work on Fiduciary Rule Continues

Last week, SEC Chair Mary White said that the Commission “will continue to work to develop support from my fellow commissioners for a uniform fiduciary duty for investment advisers and broker-dealers, and to bring forward a workable program for third-party reviews to enhance the compliance of registered investment advisers.” White rejected the idea that the Commission’s two vacancies should stall progress, arguing that “we can carry forward all of the business of the commission. And, while we look forward to welcoming new colleagues, Commissioners Stein, [Michael] Piwowar and I are fully engaged in advancing the commission's work.”

The two vacancies represent the seats of former Commissioner Dan Gallagher, who left the Commission in October, and Commissioner Luis Aguilar, who left the Commission in December. In October, the President nominated Hester Peirce and Lisa Fairfax to the Commission, but neither has yet had a confirmation hearing.